The Key to Better Vulnerability Management for Credit Unions

With the rise in cyber threats, credit unions are under constant pressure to address vulnerabilities within their IT infrastructure before they can be exploited. However, not all Key Performance Indicators (KPIs) are created equal when it comes to vulnerability management.

Traditionally, organizations have relied on activity-based KPIs to track efforts like the number of patches applied, vulnerabilities identified or systems scanned. While these metrics offer a sense of ongoing activity, they often fail to reflect the actual security posture or the organization's ability to mitigate risk effectively. Achievement-based KPIs, on the other hand, focus on outcomes and tangible risk reduction, offering a more accurate measure of vulnerability management success.

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In this post, we’ll discuss why achievement-based KPIs provide a more reliable framework for managing vulnerabilities in credit unions, and how shifting the focus from activity to outcome can lead to better risk management.

The Limitations of Activity-Based KPIs

Activity-based KPIs measure the amount of work being done, such as the number of vulnerabilities detected, or patches deployed. While these indicators can show that tasks are being performed, they don’t necessarily provide insights into the actual risk being mitigated.

Examples of Activity-Based KPIs:

Number of vulnerabilities detected: This tracks how many vulnerabilities are identified, but it doesn’t tell you whether they have been resolved or mitigated.
Number of patches applied: While patching is crucial, this KPI doesn’t indicate whether the patches address the most critical vulnerabilities or if they were applied promptly.
Number of systems scanned: Scanning systems regularly is important, but it doesn’t assess how well the results of those scans are acted upon or whether vulnerabilities are being closed out in a timely manner.

Activity-based KPIs often fail to measure the effectiveness of vulnerability management and can create a false sense of security. For example, a credit union could be scanning its systems and applying patches regularly, but if those actions don’t prioritize the most critical vulnerabilities or lead to actual risk reduction, the credit union remains exposed to threats. This focus on "doing the work" can overlook the strategic nature of managing vulnerabilities in a way that meaningfully reduces risk.

The Power of Achievement-Based KPIs

Achievement-based KPIs, on the other hand, focus on the end result and the direct impact of vulnerability management efforts. These KPIs measure how well vulnerabilities are being addressed in terms of risk reduction, business continuity and compliance, offering a clearer picture of security posture.

Examples of Achievement-Based KPIs:

Adherence to Remediation SLA: The credit union should have a Service Level Agreement concerning how quickly it will be remediating vulnerabilities based on severity. Tracking adherence to this SLA provides assurance high-risk vulnerabilities are being addressed.
Vulnerability Risk Score: Assesses vulnerabilities not just by their technical severity but by their potential business impact, prioritizing the most high-risk vulnerabilities that could lead to financial loss, data breaches or operational disruption.
Mean Time to Remediate (MTTR): Measures the average time it takes to resolve a vulnerability from discovery to remediation. This is a crucial metric because the quicker a vulnerability is resolved, the less likely it is to be exploited.

Achievement-based KPIs provide a clear understanding of how effectively vulnerabilities are being managed in terms of risk reduction, operational continuity and compliance. They focus on the outcomes that matter most to the business: Reducing exposure, maintaining trust and ensuring the organization operates without disruption.

Why Achievement-Based KPIs Lead to Better Risk Management

1. Focus on risk reduction, not just activity. Achievement-based KPIs directly align vulnerability management efforts with risk reduction. Rather than focusing on how many patches are applied or systems scanned, they emphasize how effectively risks are mitigated. This ensures that the organization is addressing the vulnerabilities that truly pose a threat to the business, rather than just checking off a list of tasks.

2. Prioritization of critical issues. Achievement-based KPIs encourage organizations to focus on the most critical vulnerabilities first. For example, tracking the adherence to SLAs of critical vulnerabilities remediated ensures that security teams are prioritizing high-impact vulnerabilities. This prioritization helps credit unions mitigate the risks that matter most to their operations and member trust.

3. Improved business continuity. By measuring outcomes like Adherence to Remediation SLA, MTTR and vulnerability risk scores, achievement-based KPIs offer insights into how well the organization is prepared to maintain business continuity. If vulnerabilities are addressed quickly and in a way that reduces overall risk, the credit union is less likely to experience costly downtime, security breaches or reputational damage.

4. Informed decision making. Activity-based KPIs can sometimes result in an abundance of data without providing actionable insights. Achievement-based KPIs, however, provide clear, outcome-driven metrics that help decision-makers understand where resources should be allocated for maximum impact. With these metrics, security teams can make informed decisions on which vulnerabilities to address, ensuring the most pressing risks are mitigated first.

Making the Shift: How to Implement Achievement-Based KPIs

To successfully transition to an achievement-based approach to vulnerability management, follow these steps:

Define Clear Outcomes: Start by identifying the security outcomes that are most important to your organization. This could include reducing the time it takes to patch critical vulnerabilities or ensuring full compliance with relevant regulations.
Use Risk-Based Prioritization: Implement a system for prioritizing vulnerabilities based not only on their technical severity but on their potential business impact. Use tools like the CVSS (Common Vulnerability Scoring System) alongside business context to assign risk scores to vulnerabilities.
Set Measurable Objectives: Establish realistic, measurable goals for your KPIs. For example, you might set a target of remediating 90% of critical vulnerabilities within 24 hours of detection.
Monitor Progress: Track your KPIs over time to assess whether the changes you’ve made are leading to meaningful improvements in risk management. Regularly adjust your strategies based on the data to ensure continuous improvement.

The Best Approach for Effective Vulnerability Management

In the complex world of information technology in financial services, effective vulnerability management goes beyond completing tasks; it’s about achieving tangible results that reduce risk and ensure business continuity. Activity-based KPIs can give you a snapshot of effort, but it’s achievement-based KPIs that provide insight into how well your efforts are actually mitigating risks and protecting your credit union.

By focusing on achievement-driven outcomes, credit unions can not only measure the success of their vulnerability management programs but also drive real, meaningful improvements in their security posture. Whether it's reducing exposure to high-risk vulnerabilities, ensuring compliance with industry standards or minimizing operational disruptions, achievement-based KPIs offer a clearer path to better risk management and a stronger, more resilient security framework.